Forex Flash: GBP/USD may bounce slightly near term - Commerzbank

FXstreet.com (Barcelona) - As the GBPUSD consolidates/holds sideways very near term, Commerzbank analysts would allow a very small bounce. "The market recently traded through 1.5830, but held this level on a closing basis (the November low)", wrote analyst Karen Jones. "While it has so far held, it is viewed as overall exposed following the recent break below the 7 month uptrend and failure here will be regarded as key", she added, pointing to 1.5830 (2009-2013) and 1.5612 as targets, while rallies are expected to find initial resistance at 1.5940 (23.6% retracement of recent leg lower) and 1.5966 (accelerated downtrend). The upside should be capped at 1.6170/85. "While capped here, the risk will remain on the downside", he added.